Free Trial

CLP Shines, MXN Weighed

LATAM FX

With the Bloomberg Commodity index and Copper both up 2%, CLP joins the rally, continuing to outperform. USDCLP has broken yesterday's lowest levels and is now down just over 1% at 734.41.

Breaking our first support level:

  • SUP 1: 735.85 61.8% of the Feb 2019 - Mar 2020 rally
  • SUP 2: 720.79 1.00 proj of Oct 15 - Nov 9 - Nov 24 swing
  • SUP 3: 707.52 1.236 proj of Oct 15 - Nov 9 - Nov 24 swing

Mexico the standout today with MXN not participating in the rally. USDMXN small higher on the day, having traded back above 20.00 earlier. This seems as a result of the news overnight regarding the Senate approving bill forcing USD purchases (covered earlier).

  • AMLO added if the bill is approved by Congress, he will respect it.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.